Compliance with local rules and regulations is essential for running a successful business. All the companies tend to follow some set of rules, regulations, and standards while making contracts with their clients or suppliers.
These contracts usually stipulate terms and conditions to follow and business standards to meet. Failure to do so may lead to unwanted consequences.
These non-compliance costs can range from unnecessary financial burden on the company exchequer resulting from expensive litigation to unimaginable damage to the company reputation in the market.
No firm would like to build a partnership with a company having a history of non-compliance. Another major consequence of non-compliance is the payment of compensation to the other party.
The worst-case scenario can be landing in jail because of non-compliance. However, all these ramifications can be avoided by effectively managing compliances and adhering to rules and regulations.
CocoSign is compliant with the following:
HIPAA
The Health Insurance Portability and Accountability Act of 1996, commonly known as HIPAA, regulates the use of Protected Health Information (PHI). CocoSign is compliant with these regulatory standards and strictly controls customer’s health-related data processing.
The PHI controls at CocoSign include restricted access to all health-related information like Customer’s Social Security Number, Insurance ID, Name, address, photograph, etc. Thus, HIPAA compliance makes us a preferred choice for health care providers.
The U.S. ESIGN act of 2000
Adherence to the United States Electronic Signatures in Global and National Commerce (ESIGN) Act is necessary for all eSignature service providers. To comply with this act, CocoSign takes every appropriate step.
This involves following stringent regulations like documenting the electronic consent of the user, recording each transaction with a unique ID, and connecting intent of each transaction with eSignature records.
CocoSign proudly delivers all of its services which exceed ESIGN requirements. Therefore, each of its customers can make his or her business contracts without having to worry about the confidentiality of his or her data.
GDPR
Guidelines of “General Data Protection Regulation” (GDPR) specify how companies can use personal data of their customers and hence protect the privacy of individuals. This regulation was enacted by the European parliament and compliance to its legal requirements is essential for carrying out business with European companies.
At CocoSign, every employee has been well-equipped with the knowledge of GDPR requirements and the importance of adherence to it. Along with this, the processes have been designed to maintain the strict privacy of user data.
Only a limited number of employees are given access to a customer’s data. CocoSign also conducts regular internal audits and data mapping exercises to study and improve its data processing system.